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1722 Mitchell Avenue #156 Tustin, CA 92780

4 Beds 3 Baths 1,392 sqft Built 1965

$485,000

List Price

$2,870

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $348.42
  • 4 Days on Market
  • MLS # : OC20246078
  • Updated Date : 12/10/2020 at 14:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,392 sqft
  • Baths : 2 full , 1 half
Listing Agent

Harcourts Prime Properties

Listing Agent's Description

Centrally located in Tustin and close to schools, freeways and shopping! This spacious 4 bedroom, 2.5 bath end unit, only shares one wall and feels like your own stand alone unit. This home was just painted and new flooring installed within the last 4 years. It comes with a large 2 car garage, separate laundry area, fireplace and a half bath downstairs. All the bedrooms are upstairs and have a lot of natural light. There is a patio in the back that leads to the garage. Nicely landscaped community that features a pool and a clubhouse.

SEE MORE

MARKET HIGHLIGHTS

  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Tustin

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $243k745k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Tustin

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200Rent in $18443366

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
W. R. Nelson Elementary School Primary Regular 643 22 4
Utt Middle School Middle Regular 945 34 5
Tustin High School High Regular 2,304 86 7

W. R. Nelson Elementary School

  • Education Level: Primary
  • # of students: 643
  • # of teachers: 22
4
GreatSchools Rating

Utt Middle School

  • Education Level: Middle
  • # of students: 945
  • # of teachers: 34
5
GreatSchools Rating

Tustin High School

  • Education Level: High
  • # of students: 2,304
  • # of teachers: 86
7
GreatSchools Rating
 

$436,500$533,500$485,000

PURCHASE PRICE

$2,583$3,157$2,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,870
EXPENSES Loan Payment -$1,789
Property Tax -$517
Property Insurance -$61
HOA -$360
Property Management Fees -$141
CASH FLOW
$2

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$485,000

PROJECTED PRICE

$2,870

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$134,275

INVESTMENT

$134,275

Down Payment
$121,250
Rehab Estimate
$5,750
Closing Costs
$7,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $121,250
Loan Amount $363,750
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$37,265

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,870

    LIST RENT
  • $2.06

    LIST RENT PER SQFT
  • $2,906

    COMP ESTIMATED VALUE
  • $2.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,7503$2,8704$2,9005$2,995
$2,995
RENT COMPS ANALYSIS
  • 1722 Mitchell Avenue Tustin, CA 3
    • 4 beds 3 baths ∙ 1,392 Sqft ∙ Built 1965 4 beds 3 baths ∙ 1,392 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $2,870
    • $2.06
    •  
  • 1881 Mitchell Avenue Tustin, CA 1
    • 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1963
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $2.09
    •  
  • 14667 Red Hill Avenue Tustin, CA 2
    • 3 beds 3 baths ∙ 1,232 Sqft ∙ Built 1964 3 beds 3 baths ∙ 1,232 Sqft ∙ Built 1964
    LEASED 12/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.23
    •  
  • 14451 Deerfield Avenue Tustin, CA 4
    • 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 1971
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $2.05
    •  
  • 14332 Hamlet Lane Tustin, CA 5
    • 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1968
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.98
    •  
PROPERTY LISTING DETAILS
Westley Williams
Harcourts Prime Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20246078
Last Updated: 12/10/2020
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